I think it'd be mixed.

I think the knowledge of underlying hardware is useful and good to know.

But also that sort of knowledge got dated pretty quickly in the early computer era. Further, the capabilities of things like optimizing compilers quickly got to a point where they'd outpace most hand written assembly. Today, it's basically just floating point operations where you can still do better than a compiler.

In the early days, you'd have the correct impression that the C compilers spat out utter garbage which was a lot slower than what you could hand craft. As optimization techniques got better and better, the work you did because the compiler was dumb ultimately would have gotten in the way.